The day‑long meeting, held on April 9 in Abidjan, resulted in the adoption of an 11‑point “Abidjan Consensus”, committing African financial leaders to unlock domestic capital, strengthen coordination and establish a permanent implementation framework to mobilise long‑term financing for development.

NAFAD, previously known as NAFA, is a central pillar of African Development Bank Group President Dr Sidi Ould Tah’s Four Cardinal Points strategy. It seeks to address structural bottlenecks that have prevented Africa from mobilising its own resources at scale.

“Our current financing architecture is not fit for purpose,” Ould Tah said. “Africa does not suffer from a lack of capital. The continent holds nearly $4 trillion in medium‑ and long‑term savings. The challenge is mobilisation and deployment.”

Participants committed to channelling Africa’s vast domestic savings into productive investment and agreed to annual reviews to ensure momentum and accountability. The dialogue featured nine thematic “labs” bringing together central bank governors, heads of sovereign wealth funds, development banks, private equity firms, securities exchanges and other financial institutions.

The dialogue was held under the patronage of President Alassane Ouattara of Côte d’Ivoire and opened by Prime Minister Robert Beugré Mambé. He said the initiative provides an opportunity to reshape the global financial system to better reflect contemporary realities. “The reforms we discuss today are essential to building a fairer and more responsive international financial system,” Mambé said.

Guinea‑Bissau Economist Professor Carlos Lopes told the opening session that financing remains the principal constraint to achieving the African Union’s Agenda 2063. “Concessional finance has its limits. It was never designed to deliver transformation at scale,” he said.

The Abidjan Consensus, presented by Côte d’Ivoire’s Minister for Planning and Development Souleymane Diarrassouba, establishes NAFAD as a systemic platform to reorganise how capital and risk are deployed across Africa’s financial ecosystem.

Ould Tah described the agreement as historic. “This consensus unifies Africa’s financial ecosystem and gives NAFAD the legitimacy required to deliver lasting impact,” he said.